Real Estate Market Update

Real Estate Market Update

The housing market is influenced by the state of the economy. With so many economic developments recently, you may be wondering about the impact on the housing market. To keep you informed, we looked at a few factors that are currently affecting the real estate market.

Rising Mortgage Rates

The recent increase in mortgage interest rates – currently over 5% – are the highest they’ve been in more than 14 years. Although still historically low, these higher rates have resulted in hesitant buyers, so fewer people are looking for homes.

Persistent Seller’s Market

It’s still a seller’s market with low inventory of homes on the market, but we’re seeing fewer offers on available properties – 2 or 3 instead of 8 to 10, as had been common. Since real estate is hyper-local, though, this trend varies in different areas.

Increased Job Openings

We’re experiencing an all-time high for job openings in the United States. As the job market heats up, employers will be competing for qualified candidates, which should push wages higher.


Inflation, however, is currently outpacing wage increases. But, as it stabilizes, higher wages should boost consumer buying power, helping minimize the affordability issues that come with higher mortgage rates and home appreciation.

The good news is that buying a home is an excellent hedge against inflation. While the amount you’re paying for food, gas and materials has increased, locking in a 30-year fixed-rate mortgage will keep your housing costs steady.

If you’re planning to sell your home while it is still a seller’s market, I’ll be happy to provide you with a comparative market analysis of your home’s value and guide you throughout the entire process.

Alternatively, if you’re planning to buy a home, I can help you prepare so you’ll be ready to make a winning offer. Call us to start the process!

My best wishes for a great May!

Work With Us

The team at Denise Ramey Real Estate has extensive experience in the local market in Central Virginia and the Charlottesville area, allowing you to enjoy a more simplified process. We handle everything in-house, from the first steps of your search through to the final details of the transaction. We leverage our extensive network to benefit buyers and sellers alike, ensuring that your transaction is as simple as possible.

Follow Us on Instagram

*Select images on this website are the property of their respective copyright owner J. Beeler. These images are used for educational, informational, and/or illustrative purposes only.